No pre-arrest bail to builder Akhtar Rizvi in cheating case

The complainant, Junaid Khan, a Bandra resident, claimed that they had invested a sum of ₹ 5.60 crore for commercial office premises but after years realised that the project had been converted into a residential complex

Mumbai: The sessions court has refused to grant pre-arrest bail to 80-year-old Akhtar Hasan Rizvi of Rizvi Land Development Pvt Ltd booked for cheating a family, who had invested in his project in Kalina, which was initiated by company’s former director Late Abis Rizvi in 2012.

Mumbai, India - January 4, 2017: Former Rajya Sabha Member of Parliament Dr Akhtar Hasan Rizvi (C) during his son funeral at Rehmatabad Qabrastan, Mazgaon in Mumbai. Abis Rizvi, one of the victims who was killed in Instanbul terror attack (Photo by Bhushan Koyande/HT)

The complainant, Junaid Khan, a Bandra resident, claimed that they had invested a sum of ₹ 5.60 crore for commercial office premises but after years realised that the project had been converted into a residential complex.

Akhtar Rizvi, in his in plea seeking protection from arrest, alleged that due to old age, he was not active in day-to-day business of the company and that his son Abis was handling it. Abis was killed in a terror attack in Turkey in 2017 and only then was he informed about the the financial transaction. The court rejected Rizvi’s plea

Khan said he was exploring projects to invest in and came in touch with an agent, who introduced them to Rizvi Development’s project - Rizvi Corporate Park at Kalina in Santacruz East.

He claimed that he and his three brothers had booked four commercial office premises measuring carpet area of 4,000 square feet on the sixth floor in the building for a total sum of ₹5.60 crore. They also claimed to have paid ₹ 2.80 crore as advance to book the place.

According to the complainant, the construction of the project had not even commenced on March 01, 2017. When complainant followed up with Akhtar Rizvi, they were assured that possession of the properties would be soon handed over to them.

However, when the complainant went to check the location, they realised that M/s. Rizvi Land Development Private Ltd had been merged with M/s. Rizvi Estates and Hotels Pvt. Ltd and that Rizvi Corporate Park was now changed into a residential scheme.

Akhtar Rizvi had claimed that he was not involved in day-to-day running of the

The complainant registered a complaint with the Vakola police on November 8, 2017. After the case was filed, there were negotiations between the parties whereby Rizvis agreed to reserve and allot four 3-BHK flats in the residential complex. The complainant claimed that as per the terms of negotiations, they had to pay the balance of ₹1.40 crore when the building was to be ready.

However, it was alleged that in March 2020, they received a letter for payment of ₹70 lakh for each flat (totalling ₹2.80 crore) claiming that it was inadvertently mentioned the balance payment of ₹1.40 crore in the letter issued for settlement.

Akhtar Rizvi, in his in plea seeking protection from arrest, alleged that due to old age, he was not active in day-to-day business of the company. He claimed that his son Abis, who too was director in the firm, was handling all the day-to-day business of the real estate business of the company. Abis was killed in terrorist attack on January 01, 2017 in Istanbul in Turkey.

After demise of Abis, the complainant informed him about the financial transaction with Abis in July 2017.

Rizvi claimed that they were ready to handover possession of the flats to the complainant on payment of the balance amount, as agreed between them.

His pre-arrest plea was opposed by the Economic Offence Wing claiming that the accused had sold those flats to other persons and since beginning, he had knowledge that there was no permission to construct the commercial flats but, with intent to cheat the complainant, the directors of the company executed memorandum of understanding with the complainant for sale of the commercial premises.

The court rejected Rizvi’s plea stating that the material on record prima-­facie showed that since inception of the transaction, there was intention on the part of the applicant/accused to cheat the complainant and his brothers and the builder had not co­operated with the investigating officer.